Comment Text:
Dear Chairman and Commissioners,
My name is Raymond Cole, and I'm just an everyday citizen from Oregon writing to share my thoughts on the Advance Notice of Proposed Rulemaking on Prediction Markets (91 FR 12516). I grew up poor, and getting involved in trading, especially on platforms like Kalshi, has given me a sense of opportunity I never had before. It's not just about the money for me. Trading on prediction markets sharpens my mind, improves my hand-eye coordination, teaches me patience, and rewards critical thinking under pressure. It’s honestly helped me build skills I never thought I’d develop.
I strongly support well-regulated prediction markets, and here's why. These markets give regular folks like me a chance to participate in something bigger, to have a stake in understanding real-world events. They also provide unique information through prices that you can't find anywhere else. I've used Kalshi to trade on events that affect my life, like economic data releases that impact my costs. It’s a way to hedge real risks, just like businesses do. I believe informed trading makes the prices more accurate, which helps everyone, not just traders.
I’m also worried about the US falling behind. We should be leading in financial innovation, not letting other countries take over. If we ban or over-restrict prediction markets, people will just go to unregulated offshore platforms. Those places are far less safe than a regulated market like Kalshi, where the CFTC can keep an eye on things. Pushing activity offshore doesn’t solve problems; it makes them worse. Instead, let’s focus on proportionate rules that target specific risks like manipulation or insider trading, without broad bans that punish everyone.
I noticed some of the questions in the ANPR, like Question 7 on balancing innovation and consumer protection, and Question 29 on whether informed traders help price discovery. My take is that innovation should be encouraged with smart oversight, not shutdowns. And yes, informed trading does improve prices, which benefits us all. I also think Question 13, about public interest, ties into keeping the US competitive. We can’t afford to cede this space to others.
I’m asking you to support proportionate regulation of prediction markets. Don’t ban them or make rules so tight that only big institutions can play. Keep platforms like Kalshi accessible to regular people like me, under fair and clear rules. That’s the way to protect consumers while staying ahead in innovation.
Thank you for considering my input.
Sincerely,
Raymond Cole
